Olympus Panel Urges Legal Measures Against 'Rotten' Execs

Law360, New York (December 6, 2011, 2:30 PM EST) -- Olympus Corp. executives should face legal action for concealing at least $1.7 billion in losses through exorbitant advisory fees paid on costly acquisitions, a third-party panel said Tuesday in a report that called the Japanese camera and medical device maker's management "rotten to the core."

The six-person panel, which the company commissioned in November after the fee scandal broke, said Olympus fostered a corporate culture that allowed top-level managers to operate with impunity. The scheme was hatched among those in the highest ranks, and those in...
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